After a rush of homes sales this past spring and summer, the Massachusetts real-estate market cooled slightly in November, with sales dropping by 2 percent over the same period a year earlier.
A total of 3,902 single-family homes sold in November, compared to 3,983 homes in November 2012, according to the latest report from The Warren Group, which tracks the state’s housing market.
Even as sales declined, prices continued their swing upward with the median price of a single-family home rising by 4 percent to $307,000 in November, up from $295,000 a year earlier.
This is the first dip in year-over-year sales since April and could signal that the low inventory of homes for sale, rising prices and higher interest rates are pinching consumers, said Timothy M. Warren Jr., the chief executive of the Warren Group.
“I’ve been concerned about how the rapid increase of prices would affect the market, and that could be one factor in the dip in sales volume in November,” Warren said in a statement. “With the supply of homes for sale low and prices escalating we may have reached a turning point where the recovery continues but with less frenzy.”
Condominium sales, however, increased in November, rising 7 percent from a year earlier. A total of 1,609 condos sold in November, up from 1,503 from the same time the previous year.